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Technical Cross
Written by article default Wednesday, 03 August 2011 08:04
Morning Report
Trading settled below the support level of the range bound at 126.65, where the 50 EMA continues to pressure intraday trading negatively as shown on the four-hour chart. Therefore, we hold onto our expectations for a downside move targeting mainly the support of the main ascending channel at 122.00. Trading above 126.65 may delay the suggested scenario.
Trading range for the day among the major support at 122.00 and the major resistance at 127.50.
The short term trend is to the upside targeting 112.00 as long as 150.00 remain intact.
| Support | 125.65 | 124.85 | 124.00 | 123.30 | 123.00 |
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| Resistance | 126.10 | 126.65 | 126.90 | 127.50 | 128.15 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 126.65 targeting 124.00 and stop loss above 128.15 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
The pair maintains stability below the 76.4% Fibonacci retracement with another daily closing, and this is another confirmation that the downside movement is in favor during the upcoming period. Next target resides at 106.20, the previous trough. And the minor descending channel support the downside move. Stability below 110.25 is required for our expectations to remain possible.
Trading range for the day is among the major support at 106.20 and the major resistance at 111.60.
The short term trend is to the downside targeting 100.00 as long as 123.30 remain intact.
| Support | 109.55 | 108.75 | 108.20 | 107.55 | 107.10 |
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| Resistance | 110.25 | 110.50 | 111.10 | 111.60 | 112.00 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 110.25 targeting 108.20 and stop loss above 111.10 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
Another daily closing below the neckline for the bearish technical pattern at 0.8750, in addition to stability below the support of the rising wedge formation shown in image. Accordingly we expect intraday bearishness today targeting mainly 0.8555-0.8540. The 50 EMA supports the negative expectations, which requires stability below the 0.8775-0.8750 resistance level.
Trading range for the day is among the major support at 0.8555 and the major resistance at 0.8820.
The short term trend is to the upside targeting 1.0370, as long as 0.8165 remain intact.
| Support | 0.8700 | 0.8665 | 0.8615 | 0.8580 | 0.8555 |
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| Resistance | 0.8750 | 0.8775 | 0.8820 | 0.8890 | 0.8940 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 0.8750 targeting 0.85555 and stop loss above 0.8825 may be appropriate. | ||||
